Drew Dickson on Navigating Behavioral Biases, U.S. vs. European Stocks, & Tesla | #520

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 9 February 2024

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s guest is Drew Dickson, founder of Albert Bridge Capital and CIO of Alpha Europe funds. We talk a lot about global investing on this show and wanted to talk about that with Drew given his focus on European markets. Between the end of 1979 and the end of 2009, both the U.S. and Europe were 26 baggers and roughly had the same returns. Since then? The U.S. has returned 15% per year while Europe has returned just 8% per year. We spend a lot of time on whether this will continue. We also talk about the impact former guest and Nobel Laureate Richard Thaler had on his investment philosophy, the importance of shedding our biases to generate alpha, his valuation of Tesla, and much more. (1:32) - Welcome Drew the show (2:17) - Drew’s time learning from Richard Thaler (8:50) - Handling behavioral biases (11:39) - Experiencing the tech bubble in Europe (15:46) - Drew’s focus on investing in European firms (28:43) - Where Drew sees opportunity today (40:28) - Tesla (54:22) - Drew’s most memorable investment ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Med Faber Show, where the focus is on helping you grow and preserve your wealth.
0:09.0	Join us as we discuss the craft of investing and uncover new and profitable ideas all to help you grow
0:13.9	wealthier and wiser. Better investing starts here.
0:17.0	Meck Baber is the co-founder and chief investment officer at Cambury Investment Management.
0:21.1	Due to industry regulations he will not discuss any of Cambry's funds on this podcast.
0:25.1	All opinions expressed by podcast participants are solely their own opinions and do not
0:28.3	reflect the opinion of Cambria Investment Management or its affiliates.
0:31.2	For more information, visit Cambria Investments.com.
0:33.4	Welcome, my friends. We got a really fun show today. Our guest is Drew Dixon,
0:40.8	founder of Albert Bridge Capital and CIO of Alpha Europe Funds.
0:44.4	We talked a lot about global investing on the show and wanted to chat with Drew,
0:48.5	given his historical focus on European markets, for the 30 years leading into the GFC, both the US and Europe were like 20 baggers,
0:58.1	roughly had the same returns. And since then, well we all know the story,
1:01.9	US's returned like 15% a year or something,
1:04.5	while Europe has been only about eight. We spend a lot of time on whether this trend will continue
1:09.9	or reverse in the future. We also talk about the impact former guest in Nobel Laure at Richard Thaler
1:14.6	had on his investment philosophy,
1:16.4	the importance of shedding our biases to generate Alpha.
1:19.3	We don't mention Tesla until almost the end of the episode,
1:22.1	so we come up with his valuation and much, much more.
1:28.0	American Farmland is disappearing at an alarming rate.
1:31.0	According to the USDA, the U.S. has lost four acres of
	...

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